Fintel Energija AdBELEX: FINT

Annual Consolidated Report for 2024 - Fintel energija a.d., Beograd

May 4, 2025 at 10:00 PM UTC · Issued by Fintel Energija Ad

FIH¥¥L ENERGtJA AD

CONSOLIDATED ANNUAL REPORT OF FINTEL ENERGIJA A.D.

FOR THE YEAR 2024

Belgrade, April 2025.

In accordance wtL› Arir.1C 71 Of 1 iE hafii'!a Market Law t"Officia! Gazette of the Repuh)›c nl Serhia", No. 12.9/Z021), the Rulebook on Repurt ing by Public Companies ("Official Gazette of the Itepublir of Serbia", No. 77/2D22), and the relevant prr›Visions of the Accounting Law ("Official Gazette nf the Republic of Serbim", Nos 73/2019 and 44/2U21 - nther law), Fintel Energija a.d. from Belgrade (Company ID number: 20305266) hereby annou‹1ces:

CONSOLIDATED ANNUAL REPOR7 OF FINTEL ENERGIJA A.D. FOR THE YEAR 2024

Content

CONSOLIDATED FINANCIAL STATEMENTS OF THE FINTEL ENERGIJA A.D. for 2024 (Consolidated Balance
Sheet, Consolidated Income Statement, Consolidated Report on Other Income, Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity, Notes to Consolidated Financial Statements)
INDEPENDENT AUDITOR'S REPORT (complete report)
CONSOLIDATED ANNUAL BUSINESS REPORT
STATEMENT BY THE PERSONS RESPONSIBLE FOR PREPARATION OF REPORTS

5, DECISION OF COMPETENT COMPANY BODY ON THE ADOPTION OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS " (Note)

6. DECISION ON DISTRIBUTION OF PROFIT OR COVERAGE OF LOSSES " (Note)

- in 000 dinars -

Account group, account

IMM

EDP

Current year

Previous year End

balance

31.12:2029.

ASgETS

A. SUBSCRIBED AND UNPAID CAPITAL
B. FIXED ASSETS (0003 + 0009 + +0017 + 0018
I, INTANGIBLE ASSETS (0004 * 0005 + D006 +

0007 + 0008 )

1. investments in development

01I , 012 and 014 .2. Concessions. patems, licenses. trademarks and

service marks, so.ftware and other intangible assets

g15 and 0.16 : 4. Intangibte ascats teased and lntangible assels in

017 ,.5. Advances for intangible assets

02 II. REAL ESTATE, PLANT AND EQUIPMENT

, {D010+001I + 0012 * 0013 + 0014 + 0015 -* 0016 )

020. 021 and 022 :1. Land.and construction facilities 023 "Z. Plants and aquipment"

024 ! 3 Investment real esrale

: 4. Real estate, plant and:equipment leased and

025 and 027 !estate, planl and equ.ipment under preparation

026 and 028 stme a'n ther'peaple's real ectate. plantd and

:equipment

029 (part) '6. Advances for real estate, plant and equipment

the cauntry

7. Advances for real estate, planls and equipment 9brpad

III. BIOLOGICAL RES.OURCES

IV. LONG-TERM FII'JANCIAL PLACEMENTS AND

04 and 05 LONG•TERM RECEI/ABLES (0019*0020+0021+0022*0033+0024*0025 + 0026 *

0027)

040 ( part), 041 ( peñ) and t. Share:In ths aquity of legal entities. (except fer

042 ( part) equity shara that..are valued using the participation

method)

040 ( part), 041 ( part) and 2. Equily shares 'valued ueing the share method 042 ( part)

3. Long-tern placements to parent, dapendenl and o43., 050 (.part) and 05I (part) olher related parties and long-term receivables from

fhose parties in Ihe.Country

Lo g-tern placements to parent, dependant and

044, 050 (part) end 051 (part) other related p8rtiab and long-term receivebles frofn

,those parties gnd abroad

045 (part) and: 053 (part) 5. Long-term placements {credits and loans given)

lhe country

045 (p8r4) and 053 (p8rt) 6."Long•rem placements (credits. and loans given)

.abroad

046 7. Long-tarm financial invaatments (securities valued at depreciated value)

04T 8. Purchased own shsras and purchased own 9harPs

O48, 05z, 054, 055 and 058 9. Other long-term financial investrrtents and other long-ferry receivables

28 (part) except 288 - " - - -- ------ "-" . "-

V. LONG-TERM ACCRUED RECEIVABLES

V. DEFERRED TAX AOSETS

0001

D001

11.97J.610

0003

00.D4

0005

0.0.D6

o«›

0008

11.513.806

11.571.386

0010

001"1

6t691:827 "

0D12

0013

649.9g1

94.106

0'014

I.388

0016

0017

OOH 8

0019

f)020

0021

6.5M

6.563

0022

0023

0024

0025

0026

0027

770.380

0028

17.24B

0029":

39.028

- in.000 dinars -

AccoMnt group, account

ITEM

EDP

Note

current year

End 31.12.2923.

G. CURRENT ASSETS

‹o°°'+ ?/t+3••°°«•°ve °^7•°°°•›

Class J, excepl account group I. SUPPLIES ( 0032+ 0033+0034+0035+0036)

A0 1. Material, spare parts, lools and small inventory 11 and 12 2. Work-in-progress and finished products

13 3. Goods

15.0, 152 and 154 4. Paid advances for supplies and services irt lhe

c0unlry

151, 153 and 55 5. Paid advances for supplies and services abroad

14 II FIXED ASSETS HELD' FOR SALE AND

. CES5AT|ON OF BUSINESS

20 . ,III. RECEIV'ABLES BASED ON SALES (0039+0040+0041+O042+0043)

:1. Receivables from customers in.tha country
2. Receivables from customers abroad

and 202 3. Receivables from tha parent, dependent and othe' re!Bted persons in the country
and 203 4. Receivables from parant, dependent. and other

related persons abroad

206 "-" - -- . - "--

S. Olher re.ceivables based on sales

21, 22 and 27 :IV. OTHER SHORT-TERN RECEIVABLES

.(0045*0046*0047)

21, 22 except 223 and 224 I. Other receivables

and 27

223 "2. Receivebles for overpaid profit lax

224 3.. Receivables b8sed on overlaid other taxes and

,conlfibuliens

23 : V, SHORT-TERM FINANCIAL PLACEMENTS (0049*0050+0051*0052+0053+0054*00S5*0056)

230 '1. Short-termloans and placements. - perent and subsidiary legal entities

231 *2. Short-term loans and placements - ofher related

232, 234 (part) . 3.Shon-term credits, loans and placements in

country

233; 2 part) ; 4. Sitort-tarn credits, loans and placements abroad

a' . 5. securities valued at depreciated velue

236 {part) : 6. Financia assets valued at fair value through the

;Income Satement

237 !7. Rapurchasad own shares snd repurchased stakes

236 (part), 238 and 239 *B. Ofher short-tern financial placements

24 VI. CASH AND CASH EQUIVALENTS.

28 {part) except 288

0030

1.604.862

1.356.196

003t

41.872

32.774

0032

7.313

7.312

0033

0034

0035

3t.475

13.382

0036

12.080

0037

0038

180.993

302.446

0038

171.965

300.970

0040

»•›

0D43

0044

84.550

76.475

0045

.56.903

50.237

0048

26.t08

1g.6g9

, 0047

1.538

0048

450.361

0049

0 so

, 0052

i 0053

0 4

0057 "

453.776"

- 1---4

652.5.07

0058

3.84.•.3. .1..0.. .

29.1.9B0

i 0058

13.518.40g

13.704.526

0060

55.127

- in 000 dinars

Account group, account

ITEM

EDP

Note

Amount

Current year End balance

31.12.2029.

PASSivE

A. CAPITAL (0402 + 0403*0404+0405+0406-0407•0408*0411-0412) ? I}

SHARE CAPITAL
SUBSCRIBED AND UNPAID CAPITAL
ISSUE PREMIUM

!V, RESERVES

. V. POSITIVE REVALUATION RESERVES-AND UNREALIZED GAINS BASED ON FINANCIAL ASSETS AND OTHER COMPONENTS OF OTHER

:COMPREHENSIVE INCOME

: /I. UNREALIZED LOSSES BASED ON FINANCIAL

! ASSETS AND OTHER COMPONENTS OF OTf•IER COMPREHENSIVE INCOME

VII. RETAINED. EARNIN.GS f04.00+0410)

Retained earnings of previous yaars Undislributad profit of tha current yaar

VIII". SHARE W|THOLIT THE RIGHT OF CONTROL

IX. LOSS ( 0413*0414) " " "

1. Loss of previous years

_2. Loss of the current yesr

:B. LONG-TERM PROVISIONS AND LIABILITIES (D4t6*0420+04Z8J

: '- "". ""- " -"- - .

I. LONG•TERM RESERVATIONS

(0417++041B*0419) _

1. Provislons for compensation and other empioyee benefits

"I, LONG-TERM LIABILITIES (0421 + 0422 + 042.3

:0424 *.0425 + 0426 + 0427)

1. Liabilities that can be converted inla equity

:2. Long-tern Io8ns and gther long-term liabilities la par.em, de.pendent and othar rafatad.persons tn the country

Long-lem loans and.olher long-term liabilities to jp6rent, dependent.and other related parties abrod
Long-term credits, laana and obligañons based on leasing in the country
. Long-tern credits, loarls and obligations basad On

d. Oblig ons for issue a@uri es ""

7 .Other .I.on.g. •.t.e. tm .l.ia.bil.i-ti.e..s.. . - - - -

III. LOI'gG-TERNl ACCRUED COBT8

0401

3.26d.050

3.119.407

30 except 300

0402

4.05Y

4.057

0403

300

0404

681.237

601.237

D405

330 and credit balanc.e for

accounts 331, 332, 333, 334,

0406

335 338 Bnd 337

debt balarica calculated

331.332,333,334, 335.396

0407

378

and 337

0408

0409

1.526,748 "

1J24.245

1.224.242

825.06S

341

, 0410

0411

399.179

1.095.038

" 0412

, 0413

351

04t4 i

' 0415

8.282.892 I

0d1.6.

132

404

»«17

132

400

40 sxce.Pt 400 and 404

041.8.

0420

8.579.970

0421

411 (part).an.d 412 (part)

D422

‹5- g

1.25?.827

1.326.872

411 (part) and 4t2 (part)

0423

15•16

1.365:571

1.250.388

414 and 416 (part)

0424

¥.Y81.195

4t5 and 416 (part)

0425

•7

1.221.515

413

4"19

49 (part), exoept 498 and 4B5 {part)

0428

- in 000 dinars -

Account.greup, account

EDP

Note

Current year

31.1.2.2023.

498 V. DEFERRED TAX LIABILITIES 0429

495 (part) G. LONG-TERM DEFERRED INCOME AND 0430

DtONATlONS RECEIVED

0431

l. SHORT TERM PROVISIONS 0432

42 excepl 427 :II. SHORT-TERM FINANCIAL LIABILITIES ) 0433

(0434+0435+0436+043740438+0439+0440

420 (part) and 411 (part) 1. Liabilities based on loane to parent, dependent nd! 0434 'othar re.latad panie6 in the country

4Z0 (part) and 421 (part) !2. Liabilities based on loana to parent. dependent and o‹25

:other related parties abroad

422 (part). 424.(part), 425. 3: Liabl1ities b.ased on.cred1s and loene from parties «3d (part) and 429 (part) ..other fhan domestic. banks

422 (part), 424 (part), 425 '4. Labilities baaed on loans from domestic banks 0437

(part) and 429 (part)

423, 424 (part), 425 (pert) 'FId.'5. Credits, loans end obl‹gatIone from abroad 0438

438 (part)

426 6 Liabilifiaa fOr short-term securlhes 0430

428 t7. Llabililies baaad on financial derivatives . 0440

430 . ADVANCES DEPOSITS AND BAILS RECEIVED 0441

43 except 4.30 IV. BUS'INESS LIABILITIES 044Z !

0443+0444+0445+0448+0447*0448)

431 and 433

Liabilities fa suppliers - parent, subsidiary legal 0445

,entities and other related entitles in the country

432 and .434 2. Liabiliti+ts to auppliars. - parent, subsidiary.legal 0444

entities and other related entities

435 ,3. Llabllitlee to suppliers In the country 0445

436 :4. Liabilities to suppliers ebroad , 0446

439 (pBft) *5. Bills of exchange Ilabilitles " 0447

439 (pert) .6. Other liabilities from business 0448

44. 45. 46 except 467, 47 and V, OTHER SHORT-TERM LIABILITIES: 04%9

48 (0450*0451+04.52)

44. 45 and 46 except 487 .1. Other short-term" IiebilitieS 0450

17, 48 except 481 Z. Liebilities besed on value added lax arxl other «1

public revenues

481 . Z. Liabilities based on profi! tax 0452

"VI. LIABILITIES BASEO ON SETS INTENDED

427 FOR SALES AND ASSETS OF A OPERATIONS 0453

THAT HAVE BEEN SUSPENDED BUSINESS

4g exoept 49t8 VII. SHORT-TERM AC.CRU.ED COS.T5 AND 0t54 !

DEFERRED REVENUES.

DJ: LOGET ABOVE CAPITAL AMOUNT (0415+ 0429+0430+.0431-0058) z 0 = (0407*0412-0402- 0455

.0403-O404-0405-0406-040B-0411).2 0

E. TOYAL MABIMTY (040t+0415+0429+0490+0431-

045S) ' 0456

60.5M

1.971.556

6t4.527

88b.462

› .«

t5.7B4

15.975

608.956

781.429

28B.777

79.658

95.171

182.509

3.0Z2

141.614

134.6Z7

B49.124

3.732

%S.53T

13.518.498 y

13.704.525

Z. OFF BALANCE BHEET LIABILITIES

0457 I

! 55.12Y

In Belgrade , 30.04.2025.

Seal

6oo, goz d 604

601, 603 and d05

610, 6t2 and 614

611, 613 and 615

630

631

64 and 65

68, except for 683,

685 and 68d

BUSINESS INCOME (1002 + 1005+1D08+1009• 101P+1011+ 1012)
1. INCOME FROM THE SALE OF GOODS (1003 + 1004 )
  1. Income from lhe sale of goods on the domestic market
  2. Income from the sale of goods on the foreign market
2. INCOME FROM THE SALE OF PRODUCTS AND SERVICES (1008+1007)
  I . Income from the sale of products and services on the domestic market
  1. Income from the sale or products and services on the foreign market
    tll. INCOME FROM ACTIVATION OF GOODS AND EFFECTS
    1. INCREASE OF VALUE OF INVENTORIES OF UNFINISHED AND FINISHED PRODUCTS
    2. DECREASE IN THE VALUE OF INVENTORIES OF UNFINISHED AND FINISHED PRODUCTS
    3. OTHER OPERATING INCOME
    VII, INCOME FROM ADJUSTMENT OF PROPERTY VALUE (EXCEPT FINANCIAL)

BUSINESS EXPENSES (1014+1015+1016+1020+1021+1022+1023+1 D24)

3 4

1001	20	2.765433	2739.Z92
1002
1003
1005		2.738.117	2.714.764
1006		2.736.117	2.714.Y64
10D7
1008
1009
1010
1011			21.704
1012			2.824

(043

5 6

1.257.741

50	I. PURCHASE VALUE OF SOLD GOODS	1014
51	II. COSTS OF MATERIALS, FUEL AND ENERGY	1015			18.093
52	III. SALARY EXPENSES, SALARY COMPENSATION AND OTHER PERSONAL	1016	21	44.334	38.806
	EXPENSES (1017+1D1B+1019)
520	1. Salary expenses and salary Compensation	1017		31.720	27.104

521

52ecept520and

Z. Costs of taxes and contributions on wages and salary benefits

Other personal expenses and compensation

1D1B

1019

4.745

Y.869

7.857

52i

540

IV. DEPRECIATION COSTS

1020 22

615.129

615.210

58except583,585 amd586 53	V. COSTS FROM ADJUSTMENT OF PROPERTY VALUE (EXCEPT FINANCIAL) VI. COSTS OF PRODUCTION SERVICES	1021 10Z2	23	339.484	1.405 Z06.478
54 exoepl 540	VII.RESERVATION COSTS	1023		33
5fi	VIII. IMMATERIAL COSTS	1024	24	342.114 "	377.659
	V. BUSINESS PROFIT (1001 - 1013) z 0	1025		1.407.391	1.481.551
	G. BUSINESS LOSS (1013 • 1001) Z 0	1026

D. FINANCIAL INCOME (1028+1029+1030+1031)

1027 25

45.470 31.291

660 and 661

I. FINANCIAL INCOME FROM RELATIONS WITH

PARENT, DEPENDENT AND OTHER RELATED

1028

11.765

3.ssh

PARTIES

662

11. INTERE:2T INCOME

ioag

2.401

3.663

III. POSITIVE EXCHANGE DIFFERENCES ANO

663 and 664

POSITIVE EFFECTS OF THE CURRENCY

1030

31.304

23.966

CLAUSE

665 and 669

IV. OTHER FINANCIAL INCOME

1031

0. FINANCIAL EXPENSES

(1033+1034+1035+1036)

1032

B10.677

618.892

I. FINANCIAL EXPENSES FROM RELATIONS

560 and 561

WITH PARENT, SUBSIDIARY AND OTHER

1033

137.839

93.317

RELATED PARTIES

562

II. INTEREST EXPENSE

f 034

J7f .99d

III. NEGATIVE EXCHANGE DIFFERENCES AND

563 and 564

NEGATIVE EFFECTS OF THE CURRENCY

1035

21.572

14.966

CLAUSE

56d and 569

IV,Olher financia! expenses

1036

333.217

138.615

E. PROFIT FROM FINANCING (1027 - 1032) * O

1037

Z. LOSS FROM FINANCING (1032 - 1027) * 0

1038

785.207

587.601

Z. INCOME FROM ADJUSTMENT OF THE VALUE

683, 685 and 686

OF FINANCIAL ASSETS REPORTED AT FAIR

1039

9.686

VALUE THROUGH THE INCOME STATEMENT

I. COSTS FROM THE ADJUSTMENT OF THE

583, 585 and 586

VALUE OF FINANCIAL ASSETS REPORTED AT

1040

7.149

L. TOTAL INCOME ( 1001+1027+1039+1041)	1043	2.631.610	2.8#7.#9J
LJ. TOTAL EXPENSES ( 1013+1032+1D4D+1042 )	1044	2.180.474	1.891.705

FAIR VALUE THROUGH THE INCOME

5TATEfflENT

J. OTFfER INCOME

J04 I

76.909

X. OTHER EXPENSES

1042

11.755

7.923

M. PROFIT FROM REGULAR OPERATIONS BEFORE TAXATION (1043-1044)Z 0

N. LO55 FROM REGULAR OPERATIONS

1045

1046

651.136

955.787

BEFORE TAXATION (1044-1043) Z 0 NJ. POSITIVE NET EFFECT ON THE RESULT

BASED ON PROFIT OF DISCONTINUED

68-59

//9-69

'OPERATIONS, CHANGE IN ACCOUNTING POLICIES AND CORRECTIONS OF ERRORS FROM EARLIER PERIODS

A. NEGATIVE NET EFFECT ON THE RESULT DUE TO LOS5 OF BUSINESS THAT is SUSPENDED, CHANGEfN ACCOUNTING POLICIES AND CORRECTIONS OF ERRORS FROM EARLIER PERIODS

t 047

1P48

277

1.681

P. PROFIT BEFORE TAXATION (1045 - 1046 * 1o g

1047 - 1D48) * 0

954.106

R. LOSS BEFORE TAXATION (1046- 1045 + 104

- 1047)? 0

1050

S.INCOME TAX

721

I. TAX EXPENSE OF TldE PERIOD

1051

166.133

190.400

722 debt. Balance

JI. DEFERRED TAX EXPENSES OF THE PERIOD

t052

722 pot. Balance

III. DEFERRED TAX REVENUE OF THE PERIOD

4053

61.852

32.547

723

T. PAID PERSONAL INCOME OF T IE

EMPLOYER

1054

3. NET PROFIT (1049-1050-1051•1052+1053-

10515

546.57B

796.253

U.NET LOSS (1050-1049+1051+1052-1053+1054) 1o
I NET PROFIT ATTRIBUTABLE TO NON- 1057	244.075	397.074
tl. NET PROFIT ATTRIBUTABLE TO THE 1D58	30Z.503	3gs.179
III, NET LOSS ATTRIBUTABLE TO NON- 1059
IV. NET LOSS ATTRIBUTABLE TO THE PARENT t06g
V. EARNINGS PER SHARE 1, Basic earnings per share 106t	11	15
2. Decreased (diluted) earnings per share 1062	11	IS

CONTROLING INTERESTS PARENT LEGAL ENTITY CONTROLING INTERESTS LEGAL ENTITY

In Belgrade , 30.04.2025.

Le I representative

Seal

REPORT ON OTHER COMPREHENSIVE INCOME

for the period Tram 0t.01. until 61.t2.2024.

-in00Odinam-

account ›

group, ! ITEM

account

EDP

Note

AMMOU%

.ant year Prev.ious year

A. NET RESULT FROIg DPERATIONS

B. OTHER COMPREHENSIVE PROFIT OR LOSS

a) ftema that will not be reclasslfied in tha Incoma Statement in future periods

330 1. Changes in"revaIuatIon of intangible aseets, real estate, plant and equiprrlant

331 2. Act • i»! 9ains or lossas: under defined benefil plans

) Profits

b) losses

:compania8

,b) losses

332 1. Prolts or loasas basad on investments in equity instruments

e) profits

b) losses

33"4 " 1..Proits. or losses besed on the recalculation of financial statemant_s of foreign operations

a) profits bg IN.s"ses

335 2.. Proits or losses from hadging instruments for net investment in foreign operations

b) losses

:336 3 Prolts or losses based on cash flow ñsk .protection (hedging) ins.trumentS

337 4. Proits or losses based on HOV that are valued at. fair vaIua-through.other.comprehensive Income

2015 + 2017) • (2004 + 2006 + 2008 * 2010 + 2012 * 2014 + 201'6 + 2I)J 8) L O

IV. NET OTHER COMPREHENSIVE INCOME (2019 - 2020 - 2021+2022) z 0

V. NET OTHER COMPREHENSIVE LOSS (20:20 - zolg + zo21-zozz; o

C. TOTAL NET COMPREHENGi*E !NCOME FOR THE PERIOD

I. TOTAL NET COMPREHENSIVE PROFIT (2001 - 2Q02 + 202:3 - 2024) L 0 "

II, TOTALI'/ET COMPREHENSIVE LOSS (2002 - 2001 + 2024 - 2023) z 0

D. TOTAL NET COMPREHENSIVE II' COME OR LOSS (2028 + 2020) = EDP 2025 z 0 or EDP 2026 > 0

1, Attributed to the.parent legal entity

2. Attnbufed to non-controlling interests

546.578

796,253

2003

20D4

2005

2006

2007

200.8

20D9

2010

2011

2.012

2013

2014

2015

7'l6.7D1

2016

251.108

2017

2018

201.9

716.701

2020

251.108 !

2021

107:505

2022

37.686 :

609.188

.2....1...3..4. Z.2...'

?025

333.150

1.POS.4d9

2026

2027

1.405.449

2059

7Z6.040

NET PROFIT (EDP 1055)
NET LOSS (EDP 1056)

increase in revaluation reserves
decrease of revaTualjon reserves

Proits or losses based on shares in other comprehensiv.e income or loss of associated
1. gaihs
2. itema that may aubsequantty ba reclassined .to the Income Statement in future perlods

profits
los.ses

OTHER GROSS COMPREHENSIVE INCOME (2003 * 2005 + 2007 * 2009 + 2011 + 2013 *
OTHER GROSS COMPREHENSIVE LOSS (2004 *.2006 + 2008 * Z010 * 2012 * 2014" 201.6 * 2018) - (2003 * 2g05 + 2007 + 2009 + 2011 + 2013 + 2D15 + 2017) z 0
DEFEftRED TAX EXPENSE ON OTHER COMPREHENSIVE INCOME OR LO3S FOR THE PERIOD
DEFERRED TAX INCOME ON OTHFR COMPREHENSIVE INCOME OR LO.SI2 FOR THE PERIOD

In Elalgrsde , 30.M.2024.

for tha period from 01.01. untli 31.12.2024.

Description

EDP

Share capital (group 30 exdudlng

306 and 308)

EDP

Other share capital (m 309)

EDP

Subscribed

and unpaid

EDP

Issue premium and reserves

(acc 306 and group 32 )

EDP

Rev. res. and undistr profit and IDS6 (gFOUP 33)

Balance as o,f 01.DI.202:3.

4001

4.057

'4010

4019

4028

681:237

4037

- 214.173

EPect.and retroactive corre.d!oos of material errora and chanBes In accounting policlas

4O11

4029

403B

Corrected initiai balance:as of 01.01,2023. (s. no. 1+2)

4003

4.057

4.012

4021

4030

681.237

4039

- 214.173

Net.changes In 2023.

4004

•

4013

4022

4031

4040

329.006

Balance.as of 12/31/2023. (s. no. 3+4)

4005

4.057

4014

4022

4032

b81.2Z7

4041

114.833

Effects and reboactive conactlons of material errors and changes in accounting policies

‹ «.

401!i

4024

4033

4042

Corrected Initiai balance as of 01.01.2024. (years 5+6)

4007

4.057

4018

4025

4024

bB1.237

4043

11t.833

Net changes in 2024

4008

4017

4026

4035

4044

- 115.211

Balance as of 31.12.2024. {s.no. 7+8)

4009

40Z7

4Ol8

•

4027

4038

681.237

4045

- 378

for the period from 01.01. until 31.12.2024.

- in 000 dinars-

Item

Description

EDP

Retained profit (group 34)

EDP

Loss (Group 35)

EDP

Participation wi(hout the righl of control

EDP

Tota

(correspond

EDP 0401 ) (col.2+2+4+ 5+6+7-8*9)

¥ 0

EDP

Loss above the

(correspon dS tO position EDP 0455›

(col.

2+3+4 +5*

6+7-8+9)‹O

Balance as of 01.0't .2023.

4046

825.276

4055

4P64

673.665

4073

1.970.062

4082

Effect and retroactive corrections of material errors and changes in accounfing policies

4»47

4056

4065

4074

4083

Corrected inTtiat balance as of 01.01.2023 (s no. 1+2)

4048

825.276

4057

4066

673.665

4075

1.9 70.062

40B4

Net cha•B III 2023

4049

398.966

4058

4067

421.373

4076

4085

Balance as of 12/31/2023. (s. no. 3+4)

4050

1.224.242

4059

4068

.095.038

4077

3.119.407

4086

Effects and retroactive corrsCtions of material errors and changes in accounting policies

4060

4069

4078

4087

Corrected initial balance as of OJ.01.2024 (years 5+6)

4052

1.224.242

4061

4070

1.095.038

4079

3.T19.407

4088

Net changes in 2024

4053

302.506

4062

4071

42.652

4080

4089

Balance as of 31.12.2024. (s. no. 7+8)

4054

1.526.748

4063

4073

1.052.386

4081

3.264.050

4D90

Lagan r

In Belgrade 30.04.2025.

Seal

CASH FLOW STATEMENT

foi the period from 01.01. until 3t.13.302t.

- in 000 C dinar6 -

POEfT£DN

E''

Amoiml

Current year

4..Casfi ouMows t'rom operaling aciivites ‹ lo 8)

3007

3008

*a6: 2 128MZ4

5. Interest paid abroad

30 10

8*' ONé*^ OMt1'I0US !fQr1ñ"oOereting a*liv ilie 8

in. Net c'ésh Infow from operalzrl-g ac vities I - u›

- @' cas^ "outflow" *am or er•ting activiâes (JI - I›

30 12

" 14* 3015

30i 6

169.811 ,

178.''7.S6

46.US

16:9'66

B. CA6H FLOWS, FROM iN?GSTING AC TlyljII=S 1. CeS*h"inficrws Iron jqy ttgg aclivjiés { j tq )

1, Saie of shares and slakes

3o i8

8' Saie of rnarigidIe assets, real es1ate, plants. equiprrient and bioIog!ñaI resources

3. O!her financiai placements " " "

¥ R £'D "•lv 'f1t0r"6 §} *"o*m in*estmen I aEliv ilies

S. Olvidends recéived

II. Dd8h outIIo'•ys morn investing aStix'ities (1 to 3,

IV. Ne «asn outlaw from investing aet‹vities (ii - I)

C. CASH FLOWS"FROkI FINAFICING ACTIVfT)GC"i. Cash inflows Tram firaricing acy',itias ( 1 io 7)

3024

3H6

57£t.98g "277.719

.285.435 6.5E9

1. Increase of me snare capital " " " ' ' " "

jQjQ

2. Long-ierm Ioans'in the couolry

3033

6.895187

30>

IV, Not cash Outflow from financing activities

3017 '+ 3029)

E. TOTAL CA6/H OLFIY"LOW (1408 * 3023 •"3037")

F. NET CASI•t INFkDW {3046 - 3049) e 0

3044

3046

30c9

G. f4eT eASH OLiTF LOYf, t3049 - 2048) z 0

H. CASH AT THE BEGINNIftG OF THE ACCOUNTING'PERI D

I POSiTTVE" EXCHANG"E "RATE DI"FF"E tENCE" S" BA"SE" O"O"N CA' SH CONVERS"ION

R. CASH AT THE END' OF TIME ACCgUKTING PERIOD(30S0-3051+3052+305S-30Sg)

3.051

305S

Payments to supplie . ano aovsnces made in ihe aontry
Pri.yrnPMs t0 SUPPTieTS 6n'd sdvafices made' a b/oad
Earnings salary .eompensallon ann otner p ng|*g¿'pgnses'

Income lax
Oulftorvs, based on Dther. pubic revenu@b

In Begraoe .

30.04.2025.

Se'al

NOTES TO THE CONSOLtDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

General infor mation "

Fintel Energija AO, Beograd (hereinattef: "‹-cu t'. . " ›! "*'iiteI Energija") and its subsidiaries (hereinatt er: ' F iiil› I Group" or "Group") are the leading inde zciJdc .I j r•‹tu‹c'i uf electricity from renewable sources in the Republic ‹ 1 Serbia. The Company and the Group ale|pioneet s ii lI c' li‹•i‹J ‹›f electricity production from renewable sources, haviilt been the first in Serbia to build and open ‹me wind arn1s. The sale of all produced energy is carried out through On arrangement (power purchase agreement) with JF' EIet‹tro|Jrivreda Srbije (EPS) and there is no direct supply to end consumers.

The Company was founded on 27 June 2007 as r‹ cIosccl joint stoct company under the name "PRIVREDNO DRUtTVO ZA PROIZVODNJU ELEKTRICNE ENERGIJE FlNTt L ENCICI.IA AD BEOGRAD" ("Electr icily Production Compz›ny FintPl Energija ad Beograd"), by the foreign legal cmity "Fii›l‹ I E i crgia Grouy SPA", Italy (registration number 026 S862C402) ("Owner"). "Finlel Energia Group SPA" is lb.22':. ‹›witr°‹J by H(T[}afi Srl ("Ultimate Owner").

The head office of "Fintel Energija" is loratacl at Masaril‹ova Street No. S, Belgrade. Serbia.

As of December 31, 2024, the Company has subscribed and paid-up share capital in the amount of RSO 4,057 thousand, consisting of 26,510,50b ordinary shares with an individual nominal value of RSD 0.153.

The Company's shares have been tradecl on the organized market - the Belgrade Stock Exchange since November 2018. The stock symbol is FINT, and the ISIN number is RSFINEE60549. The Company's market capitalization as of December 31, 2024 is RSD 17,762,039 thousand (value per share is RSD 670).

Fintel Energia Group SPA, the majority shareholder of the Company, is a company incorporated in accordance with the law in force in the Republic of Italy and is a vertically integrated operator in the energy supply chain, whose business is the sale of electricity and natural gas in Italy, as well as the development and exploitation of renewable energy sources (solar energy and wind energy) in Italy and Serbia.

These Consolidated Financial Statements for the year ended 31 December 2024 have been prepared by the Group's general manager, and they have been approved on 30 April 2025. Approved consolidated financial statements may be amended based an the opinion of the independent auditor, in accordance with legal regulations.

As of December 31, 2024, the Group had 14 employees (2023: 14 empioyees).

2. Overview of signifiant accounting policies and adopted standards "

The principal accounting policies applied in the preparation of these financial statements are presented below. These policies have been applied consistently to all presented Years, unless otherwise indicated.

Basis for the preparation and presentation of consolidated financial statements

The Group keeps records and prepares consolidated financial statements in accordance with the Accounting Law of the Republic of Serbia ("Official Gazette of the Republic of Serbia", No. 73/2019 l 44/2021) and other legislation in effect in the Republic of Serbia.

In accordance with the Accounting Law, large legal entities, legal entities that have the obligation to prepare consolidated financial statements (parent legal entities), public companies, i.e., companies that are preparing to become public in accordance with the Capital Market Law of the Republic of Serbia, regardless of size, apply international Financial Reporting Standards (IFRS), whose translation inta Serbian has been published by the ministry responsible for finance, for the recognition, valuation, presentation and disclosure of positions in consolidated financial statements.

Overview o1 significant accounting policies and adopted standards (continued)

Basis for preparntioi . r.J presentation of consolidated financial statements (continuecl)
International Financial Repos lu p .Sf.ida ‹J published in Serbian by the Ministry of Finance inrlrirlr' 1 Ir' Coi›‹ r•t›tual Framework tor Financial RcportiiJ¿" Intel iJ‹ntionaI Accounting Standards (IAS) and International Financial Rct›orting Standards (IFRS) issued by thu IntFinational Accounting Standards Board, as well as interpretations of standards issued by the Accounting Standards Interpretations Committee, but do not include bases for coriclusions, illustrative examples, application gu‹danCe, commentaries, dissenting opinions, or other supporting materials except in cases where they are explicitly included as On integral part of the standard or interpretations.
IAS, IFRS and interpret at ions {› iblisl ›r ‹I t›y i he Board for International Account ing St8nrlar cI5 8t1h tIU L‹›tunlit tr'e for Interpretations of Accor nting Si an J»rd° IizJvr° been officially translated by the decision of the MiiJist rd oI Fiilancc of the Republic of Sei bia on determining the translation of International Financial Reporting' Standarcls (derision number 401-00-4980/2015-1.61 and pf bIi.shed in the Official Gazette of the Republic of Serbia No. 92 on IJovember 21, 2019 and are applied wtiefi pret›ar ing consolidated financial statements for annual pei iods ending on or after December 31, 2020.
New or amended IFRS and interpretations adopted by the decision of the Ministry of Finance or ‹he Republic of Serbia on determ ning the translafron ol International Financia( Reporting Standards oubl¿shed in the Official Gazette of the Republic of Serbia No. 123/2030 on October 13, 2021, Bre applied when preparing consolidated financial statements for annual periods ending on or after December 31, 2021.
In addition, the attached consolidated financial statements have been prepared in accordance with the requirements of the Rulebook an the framework of accounts and the content of accounts in the framework of accounts for companies, cooperatives and entrepreneurs (Official Gazette of the Republic of Serbia No. 89/2020) and the RulebDok on the content and form of forms of financial statements for companies, cooperatives and entrepreneurs (Official Gazette of the Republic of Serbia No. 89/2020).
The aforementioned regulations gaverning the presentation of consolidated financial statements have priority over
the requirements defined in this regard by iFR5, which are published by the Min'istry of T-inance.
Due to the above deviations, these consolidated financial statements are not in accordance with IFRS.
Coztso//dored'['inanciaI statements
The consolidated financial statements of the Group include the consolidated balance sheet as at December 31, 2024, the consolidated income statement, the consolidated statement of other income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, as well as an overview of significant accounting policies and notes to the consolidated financial statements.
The consolidated 'Tnancial statements have been prepared undec the historical cost convention, unlESS Dtherwise stated in the accounting policies presented below.
In compiling these consolidated fihancial statements, the Group has applied the accounting policies explained in note
2.6. The stated accounting policies have been applied consistently to all reporting periods presented.
The consolidated financial statements are presented in Serbian dinars "RSD" and all reported numerical values are presented in thousands of dinars RSD'000 unless otherwise stated.

Overview of significant accounting policies and adopted standards (continued)
?.1. Basis for preparation and presentation of ‹ ‹.i› nl:catecI financial statements (continued)
Consolidated financial statements (continued)
The preparation of consolidated financial statemenls in accordance with the Accounting Law of the Republic of Serbia requires the application of certain key accounting estimate'.. It nlso requires Management to exercise its judgment in applying the Group's accounting policies. Areas that rrqr›ir‹• judgment of a higher degree of or greater complexity, lhat is, aieas where assumptions and estimates are nJ› l‹ tut lu lhe consolidated financial statements, are disclosed iis Note 3.
Accounting basis
The Group uses bank loans to finance its working, capital. TII‹ Group's forecasts and projections, which take into account reasonably possible changes in the Group's operating results, indicate that the Group should be able to operate with the existing credit levels. With the abuve in rJind, management believes that the Group has adequate funds to continue operations in the foreseeable future. The Group does noi expect difficulties in collecting receivables and believes that liquidity will remain stable in the future, due to the strong support of foreign partners (owners of the Group). Accordingly, the Group has prepared the consolidated financia I statements in accordance with the going concern concept. Additional information on the Group's loans is provided in Note 18.
Scope of consolidation

These Consolidated Financial Statements of the Group include the financial statements of Fintel Energija Ond its subsidiaries for the year endPd 31 December 2024, which have been approved by the directors. These consolidated financial statements have been prepared in accordance with the Accounting Law of the Republic of Serbia and other applicable legal regulations in the Republic of Serbia.

The companies included in the scope of consolidation are listed in the table below:

Name

Share capital

(RSD '0D0)

Head office

31/1Z/2024

K down payment

31/12/2023

f6 down payment

Fintel Energija ad

4.057

Belgrade (Serbia)

Parent company

MK-FinteI Wind ad

29,647

Belgrade (Serbia)

54B

54%

Directly

MK-FinteI Wind Holding doo

Belgrade (Serbia)

54%

Directly

Energobalkan doo

360,513

Belgrade (Serbia)

54%

Indirectly

vetropark Ram doo

belgrade (Serbia)

54%

Indirectly

Vetropark Kula doa

314,D32

Belgrade (Serbia)

S4B

54Ps

Indirectly

Vetropark Torak doo

240

Belgrade (Serbia)

54B

54a

Indirectly

Fintel EnerB'j Dev. doo

Belgrade (Serbia)

100a

10OK

Directly

MK-FinteT Wind Dev. doo

Belgrade (Serbia)

S4&

54a

Indirectly

Vetropark Lipar doo

Belgrade (Serbia)

100B

Indirectly

Vetropark Lipar 2 doo Vetropark Project Torak doo

lintel Energja Dev. Ltd.

Belgrade (Serbia) Belgrade (Serbia)

Nicosia (Cyprus)

100B

100%

l00&

100%

100P•

100a

Indirectly Indirectly

Indirectly

Vetropark Torak Ltd

Nicosia (Cyprus)

l00B

100%

Indirectly

Stak1enik Jedan d.o.o.

Belgrade (Serbla)

100&

100%

Indirectly

Staklenik Dva d.o.o.

Belgrade (Serbia)

100B

100%

Indirectly

Staklenik Tri d.o.o.

Belgrade (serbia)

100%

Indirectly

Staklenik éetlri d.o.o..

Belgrade (Serbia)

10D%

100%

Indirectly

Staklenik Pet d.o.o.

Belgrade (Serbia)

100%

Indirectly

Statlenik Sest d.o.o.

Belgrade (Serbia)

10OK

Indirectly

2. Overview of significant accounting,po)icies and adopted standards (continued}

Scope of consolidation (cci lii u*'d)
The shares of the subsidiary Mt-Fix t I INm J ad a e pledged in favour of NLB KOMERCIJALNA BANKA AU Is .•.or) cx^ the Long-Term Loan Agreement si8ncd on December 23, 2024 with NLB KOMERCIJALNA BANKA AD AND› HO//'. LJUBLJANSKA BANKA DD. The maturity date i* December 31, 2035.
The shares of the subsidiary Energobalkan doo are pledged in favour of Unicredil Bank Srbija ad, Belgrade, basud nn the Long-term Loan Agreemeni signed un May 1b, 2015 with UniCredit Bank Srbija ad, Belgrade.
Principles and methods of consolidation
Subsidiaries are consolidated starting fi on the acquisition date, i.e., the date on which the Group acquired control of the subsidiary, and continue to be consolidated until the date ona hich such control ceases. An acq‹iiritioi uf control is considered to have occurfecl if the Gioup is exposed or entitled to variable returns from its involvement in the entity it invesled in and has lhe ability to influence those returns through the influence it has over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
Influence on the investee's c'xisting rights that give it the ongoing ability to direcl fhe relevant arlivities of the investee
Exposure or rights to variable returns from its involvement with the investee, and
The ability to use influence over the entitY in which it has invested to influence its returns.
The assumption is that a majority of voting rights results in control. To justify this assumption il the Group has less than a majority of voting rights or similar rights over an investee, the Group considers all relevant facts and circumstances in assessing whether it has influence over the investee, including:
Contractual arrangements with other holders of voting rights over the entity in which it has invested Rights arising from contractual arrangements
Existing and potential voting rights.
The Croup re-evaluates whether there is control over the entity in which it has invested if facts or circumstances indicate that there have been changes in one or mare factors of control.
Financial statements of subsidiaries are prepared for the same reporting period as for the parent company using consistent accounting policies. All intercompany balances, transactions, unrealized gains and lasses arising from intercompany transactions and dividends are completely eliminated. Changes in ownership interests in a subsidiary that do not result in a loss of control are accounted for as transactions within equity.
2. Overview of significant accounting policies and adopted standards (continued)

Principles and methods of consolidation (continuerl) II It›‹ Croup loses Eonlrol over a subsidiary, the following o‹ ‹ri :
- Derecognition a( asseLs (including goodwill) and Iiabihtios ol a sf‹bsidiary,
- Derecognition of the present value of minority interns', if any,
- Derecognition of accumulated exchange rate diffei ei eel pieviously recognized within equity;
- Posting the fair value of sales receipts;
- Posting the fair value of the remaining interest in IIiL' su(›sirJiat ', if any;
- Posting the resulting profit or lass through thC inCnnl sMtr'n1‹•rJt;
- neciassificat ion of the parent company'* sham.' ul ‹r›iit.•‹u i‹ i ir t rrviously recognized directly in equity tn profit or loss or retained earnings as appropi ia1E.

7lJe financial statements of subsidiaries abroad, expressed ill thelr functional currencies, were converted into the reporttng currency of the parent company, RSD, by convertiiit; arsetr and liabilities into dinars at the official exchange rate on the balance sheet date, The income statement arid cash flovs are translated into dinars at the middle exchange rate. The effects resulting from thr tiat elation ol financial statements in foreign currencies into the rcpor ting currency are presented within equity.

Foreign currency conversion Functional and display currency
Items included in the Group's financial statements are measured and presented in thousands of dinars (RSD OOD). The dinar is the official reporting currency in the Republic of Serbia.
Transactions and balances
Foreign currency transactions are translated Into the functional currency using the exchange rates valid at the date of the transaction or at the date of the valuation if the items have been remeasured. Exchange gains and losses resulting from the settlement of such transactions and (rom the translation of monetary assets and liabilities denominated in foreign currencies at the year-end are recognised in the income statement, except when they are deferred in equity as cash flow hedges and net investment hedges.
Significant accounting policies

Real estpte, p/pnt end equipment

Real estate, plant and equipment are stated at purchase value less accumulated depreciation and any impairment losses. The purchase price includes all exoenditure necessary la bring the asset to its intended use. This amount is increased by the present value of the estimated cost of reclamation of the site when there Is a legal or construction obligation to remove the asset. The corresponding liability is recognised as a provision for the costs of removing the asset. The accounting treatment of revised estimates of these costs, the time value of money and the discount rates are highlighted in the section on provisions for these costs.

Borrowing costs that are directly attributed to the acquisition or construction of an asset that qualifies for the attribution of borrowing costs are included in the purchase value of the qualifying asset, i.e., one that takes a substantial period of time to get ready for its planned use or sale.

Costs incurred for regular and/or periodic repairs and maintenance are recognised directly in the consolidated income statement. Costs incurred for the expansion, modernisation or improvement of structural elements owned by the Group or used by third parties are capitalised to the extent that they qualify for recognition as a separate asset or part of an asset.

Overview of significant accounting policies and adopted standards (continued)

2.6. Significant Accounting Policies (tooti»cied)

Ben/ estate, plant and equipment (continued}

Depreciation is calculated using the proportional method using rates that allow for assets to be depreciated uve their estimated useful life. When an asset consists of multiple individually identifiable assets that have an estimated useful life that is significantly different from the others, depreciation for those assets is calculated separately.

Estimated useful life for each category oT redI cstair', plant and equipment:

Build1ngs

Equipment

Number of years

'4U 3-2fJ

The residual value and useful life of the asset are reviewed, and adjusted, if necessary, at each balance sheet dale. Depreciation begins when the plant is ready fo ifs planned use, as assessed by management (which coincides with the end of the testing period).

Intangible assets

Intangible assets consist of identifiable non monetary assets which have no physical substance that are cot›troIIed by the Group as a result of past events and from which future economic benefits are expected. Intangible assets that meet the relevant criteria on initial recognition are valued at cost or production cost, including directly attributable costs necessary for preparing the asset far its planned use, less depreciation and impairment losses.

Borrowing costs that can be directly attributed to the acquisition or construction of an intangible asset that qualifies for the attribution of borrowing costs are included in the purchase vBlue of the qualifying asset, i.e., one that takes a significant amount of time to get ready for its planned use or sale.

Depreciation begins when the assets are ready for their planned use and is applied over their estimated useful life. The useful life estimated by the Group for each category of intangible assets is as follows:

Other intangible assets

There are no intangible assets with an indefinite useful life.

Number of years Duration of rights

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